The provisions of this section apply to the 1994 Addition to the Altoona Urban Renewal Area, the boundaries of which are set out below, such area having been identified in the Urban Renewal Plan approved by the Council by resolution adopted on August 15, 1994:
Beginning at a point 33 feet east of the northwest corner of the Southwest Quarter of the Southwest Quarter (SW¼ SW¼) of Section 7, Township 79 North, Range 22 West of the 5th P.M., Polk County, Iowa, proceed north along the east right-of-way line of First Avenue North in the City of Altoona, Iowa, approximately 800 feet; thence east 37 feet; thence north 375 feet to a point approximately 46 feet south of the north line of the Southwest Quarter (SW¼) of Section 7; thence northeasterly to a point on said north line, approximately 240 feet east of the West Quarter Section Corner of said Section 7; thence east 600 feet along the Quarter Section Line; thence north 70 feet; thence northeasterly along the southerly right-of-way line of Interstate Highway 80 to a point on the east line of said Section 7; thence south to the southeast corner of said Section 7; thence continuing south to the southeast corner of Section 18, Township 78 North, Range 22 West; thence west to the South Quarter Section Corner of said Section 18; thence north to the North Quarter Section Corner of said Section 18; thence west to the southeast corner of the Southwest Quarter of the Southwest Quarter (SW¼ SW¼) of said Section 7; thence north to the northeast corner of the Southwest Quarter of the Southwest Quarter (SW¼ SW¼) of said Section 7; thence west to the point of beginning.
EXCEPT the following property:
The South One-half (S½) and the Northeast Quarter of the Southeast Quarter (NE¼ SE¼) of Section 7, Township 79 North, Range 22 West of the 5th P.M., Polk County, Iowa.
ALSO,
Beginning at the southeast corner of Section 10, Township 79 North, Range 23 West of the 5th P.M., Polk Co., Iowa, proceed west 1946.86 feet along the south line of said Section 10; thence north 678.47 feet to the south right-of-way line of Interstate Highway No. 80; thence northerly along said right-of-way to a point 175 feet normally distant south of the centerline of said Interstate Highway; thence easterly along said south right-of-way to the west right-of-way of Northeast 56th Street; thence south 315 feet, parallel to and 100 feet west of the east line of said Section 10; thence southerly approximately 514 feet to a point 33 feet west of the east line of said Section 10; thence east 66 feet; thence northerly along the east right-of-way of Northeast 56th Street approximately 604 feet to a point 100 feet east of the west line of Section 11, Township 79 North, Range 23 West; thence north, parallel to the east line of said Section 11, 225 feet to the south right-of-way line of Interstate Highway No. 80; thence easterly along the said south right-of- way line to the west right-of-way of U.S. Highway No. 65; thence southwesterly along said west right-of-way line to the south line of said Section 11; thence west to the point of beginning;
ALSO
Beginning at a point on the south line of Section 11, Township 79 North, Range 23 West of the 5th P.M., Polk County, Iowa, which is 450.5 feet west of the South Quarter Section Corner; proceed west along the section line to the east right-of-way line of U.S. Highway No. 65; thence northeasterly along said east right-of-way line to the south right-of-way line of Interstate Highway No. 80; thence northeasterly along said south right-of-way line to a point due north of the point of beginning; thence south 576.4 feet to the point of beginning.
ALSO
The North One-Half (N½) and the Northwest Quarter of the Southwest Quarter (NW¼ SW¼) of Section 14, Township 79 North, Range 23 West of the 5th P.M., Polk County, Iowa.
The taxes levied on the taxable property in the 1994 Addition to the Altoona Urban Renewal Area each year by and for the benefit of the State, the City, the County and any school district or other taxing district in which such Urban Renewal Area is located, from and after the effective date of Ordinance No. 8- 94 #4 (143), shall be divided as follows:
1. That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the 1994 Addition to the Altoona Urban Renewal Area, as shown on the assessment roll as of January 1, 1993, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. For the purpose of allocating taxes levied by or for any taxing district which did not include the territory in the 1994 Addition to the Altoona Urban Renewal Area on the effective date of Ordinance No. 8-94 #4 (143), but to which the territory has been annexed or otherwise included after said effective date, the assessment roll as of January 1, 1993, shall be used in determining the assessed valuation of the taxable property in said 1994 Addition to the Altoona Urban Renewal Area on the effective date.
2. That portion of the taxes each year in excess of such amounts shall be allocated to and when collected be paid into a special fund of the City to pay the principal of and interest on loans, advances or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the authority of Section 403.9[1] of the Code of Iowa, incurred by the City to finance or refinance, in whole or in part, projects in the 1994 Addition to the Altoona Urban Renewal Area, except that taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the taxing district without limitation by the provisions of this section. Unless and until the total assessed valuation of the taxable property in the 1994 Addition to the Altoona Urban Renewal Area exceeds the total assessed value of the taxable property in such area as shown on the assessment roll referred to in subsection 1 of this section, all of the taxes levied and collected upon the taxable property in the 1994 Addition to the Altoona Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. When such loans, advances, indebtedness, and bonds, if any, and interest thereon, have been paid, all money thereafter received from taxes upon the taxable property in the 1994 Addition to the Altoona Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
3. The portion of taxes mentioned in subsection 2 of this section and the special fund into which that portion shall be paid may be irrevocably pledged by the City for the payment of the principal and interest on loans, advances, bonds issued under the authority of Section 403.9[1] of the Code of Iowa, or indebtedness incurred by the City to finance or refinance in whole or in part projects in the 1994 Addition to the Altoona Urban Renewal Area.
4. As used in this section, the word “taxes” includes, but is not limited to, all levies on an ad valorem basis upon land or real property.